Congress is making no progress on how to avert a debt ceiling crisis, and the recent collapse of some banks is deepening the stalemate.
And the recent failures of Silicon Valley Bank and Signature Bank, which have created jitters in the financial sector, have only entrenched the conflicting views between the parties.
Democrats say the bank failures emphasize the need for stability and serve as a warning against triggering a self-inflicted crisis. House Republicans, he said, are “threatening a global economic crisis over the debt limit at the same time we have this problem in the banking industry.”A group of conservative Republicans, including Sens. Rick Scott of Florida and Mike Lee of Utah and members of the ultraconservative House Freedom Caucus, insisted at a news conference Wednesday that Biden would be to blame if the country defaults on its debt and triggers a global economic meltdown.
Raising the debt ceiling doesn’t authorize new spending; it enables the government to pay bills Congress has legally imposed. Both parties have contributed to rising debt over the years.
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